(Ecofin Agency) – Despite increased efforts, access to energy remains a major challenge in the world, particularly in sub-Saharan Africa where nearly 600 million people do not have access to electricity.
Four multinational oil companies, namely TotalEnergies, BP, Shell and Equinor, have committed to collectively investing $500 million to support energy access in sub-Saharan Africa and parts of Asia.
According to information published Friday, November 15 as part of COP 29, the initiative continues to achieve Sustainable Development Goal No. 7 of the United Nations, which provides for universal access to affordable, reliable and sustainable by 2030.
To realize this ambition, the promised funds will be dedicated to various solutions, including solar home systems, mini-grids, clean cooking technologies and advanced energy storage and management systems.
“We hope that by jointly investing [dans ces solutions, Ndlr]we will be able to contribute to broader efforts to address the very real challenge of access to energy”declared Murray Auchincloss, the boss of the British oil major BP.
An investment still far from expectations
These funds promised by oil companies remain insignificant compared to the energy financing needs of developing countries, including those based in Africa. The International Energy Agency (IEA), for example, forecasts 1,000 billion dollars per year by 2030 and more than 1,300 billion dollars by 2035 to sustainably meet the energy needs of developing countries.
With regard to developing countries in Africa where progress in access to energy remains slow so far despite efforts, compared to their counterparts in Asia, the IEA suggested “redouble our efforts in rural areas, where three quarters of people who do not have access to cleaner cooking methods live today.”
At the same time, the institution estimates that around $4.5 trillion in investments per year will be needed by 2030 to hope to limit global warming to 1.5°C compared to pre-industrial levels.
Abdel-Latif Boureima
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